Administrative Rules of Montana
Department 2 - ADMINISTRATION
Chapter 2.44 - TEACHERS' RETIREMENT BOARD
Subchapter 2.44.4 - Creditable Service
Rule 2.44.417 - LIMITATION ON AFTER-TAX PURCHASE OF PERMISSIVE SERVICE CREDIT
Universal Citation: MT Admin Rules 2.44.417
Current through Register Vol. 18, September 20, 2024
(1) The Teachers' Retirement System can accept after-tax contributions from a member during a limitation year only if:
(a) the voluntary additional contribution to
be made by the member does not exceed the amount determined by the Teachers'
Retirement System to be necessary to fund the benefit attributable to such
service credit; and
(b) the
requirements of Internal Revenue Code (IRC) section 415(b) are met (without
regard to any reductions for early retirement age), determined by treating the
accrued benefit derived from all such contributions as an annual benefit for
purposes of IRC section 415(b); or
(c) the requirements of IRC section
415(c)(1)(A) are met (without regard to the compensation limit), determined by
treating all such contributions as annual additions for purposes of IRC section
415(c).
(2) After-tax member contributions cannot be accepted if:
(a) the member is purchasing more than five
years of nonqualified service credit; or
(b) any nonqualified service credit is taken
into account under this rule before the member has at least five years of
participation under the retirement system.
19-20-201, MCA; IMP, 19-20-106, MCA;
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